Ripple’s blockchain continues to set the pace in cross-border payments around the globe. The latest support comes from Kuwait Finance House KFH, one of the leading Islamic banks in the region which has announced the launch of Ripple powered international remittances. Established in 1977 in the State of Kuwait, the Kuwait Finance House is the first Islamic bank in the region and today it’s the first Arab nations’ banks that decided to join Ripple’s network for international remittance payments and involve with the blockchain era.
According to their twitter account, the bank will have ‘zero fees instant international transfer service’ with Saudi’s fiat currency, SAR: Saudi Riyal. Customers can proceed remittance transactions to the beneficiary account at AL Rajhi Bank which is the world’s largest Islamic bank by capital (based on 2015 data) and the major investor in Saudi Arabia’s business and the largest joint stock companies in the Kingdom.
KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank
— Kuwait Finance House (@KFHGroup) January 6, 2019
This huge announcement comes right after an extended trial period since mid-2018 and basically, it marks its success.
In addition, according to the same source, KFH Group is working on expanding their work encompassing most of the world countries in different currencies.
However, it still not clear whether KFH will use xCurrent (Ripple ’s enterprise software solution), or xRapid (Ripple ’s XRP-powered solution). In fact, until now, they have not disclosed whether they are using xCurrent or xRapid.
Since last year, Ripple’s instant settlement procedure has already gotten the mainstream attention. Not only the Kuwait Finance House Group, but there are also endless global players in the list that are working on adopting Ripple’s product and digital token, XRP.